British administrators have sold the business and assets of Koovs Plc to SGIK 3 Investments Ltd, an entity owned by the online fashion retailer’s largest secured creditor and chairman Waheed Alli, Koovs said yesterday after its largest shareholder, India’s Future Lifestyle Fashion, failed to invest a further $8.34 million. Koovs said it could not get alternative funding.
A competitive sale process conducted over the past month had also failed, global newswires cited the company as saying.British administrators have sold the business and assets of Koovs to SGIK 3 Investments, an entity owned by the online fashion retailer's largest secured creditor and chairman Waheed Alli, Koovs said after its largest shareholder, India's Future Lifestyle Fashion, failed to invest a further $8.34 million. Koovs said it could not get alternative funding.#
A company goes into administration in the United Kingdom when it becomes insolvent and is put under the management of licensed insolvency practitioners. The directors and the secured lenders can appoint administrators through a court process to protect the company.
Geoff Rowley and Jason Baker, partners at specialist business advisory firm FRP Advisory, were appointed as joint administrators to Koovs.
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